(1) The Underground Storage Tank Insurance Fund is established separate and distinct from the General Fund in the State Treasury to be used solely for the purpose of satisfying the financial responsibility requirements of ORS 466.815. (2) Moneys transferred by the Department of Environmental Quality from the Underground Storage Tank Compliance and Corrective Action Fund established under ORS 466.791 shall be credited to the Underground Storage Tank Insurance Fund. (3) The State Treasurer may invest and reinvest moneys in the Underground Storage Tank Insurance Fund in the manner provided by law. (4) The moneys in the Underground Storage Tank Insurance Fund are appropriated continuously to the department to be used as provided for in subsection (5) of this section. (5) Moneys in the Underground Storage Tank Insurance Fund may be used by the department for the following purposes, as they pertain to underground storage tanks: (a) Funding of the underground storage tank insurance premium copayments established under sections 38 to 46, chapter 863, Oregon Laws 1991; and (b) Payment of the departments costs in administering the Underground Storage Tank Insurance Fund, which shall be limited to five percent of the premium collected.
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